The spending habits of independent, goal-oriented women
Contributed
Aside from credits cards, there are digital wallets that can now be used in lieu of paying in cash. But there’s no competition between the two financial tools, despite the sharp rise of digital or electronic wallets, says Niña Reynoso, a Chinabank vice president who’s also head of cards, personal loans, and marketing.
“We work hand-in-hand with e-wallets,” she tells Lifestyle. “Credit cards also power e-wallets. To put something in the e-wallet, there should be a source of funds, like a credit card. They complement each other.”
Reynoso points out, though, that credit cards offer “a slew of benefits,” including the zero-interest installment feature and rewards system. Cardholders can, for instance, buy an appliance or piece of jewelry and pay it back in 12 to 36 months without incurring an interest. They can then earn points that will eventually reward them with gift certificates or other items.
“Avail of the features and benefits to maximize your credit card,” she says at the launch of the Chinabank Velvet Visa Signature. This premier credit card “tailored for today’s modern, independent, and goal-oriented woman” gives a classic Pandora bracelet as a welcome gift.
Additional perks include the Velvet Eight Cash Back, where cardholders get an P800 cash back for a minimum P8,000 spend every eighth of the month.
Recycled plastic cards
Cardholders can also get discounts of up to 50 percent off on shopping, beauty, wellness, and jewelry purchases through the Special Velvet Deals and Exclusive Velvet Installment Deals. They can then earn one reward point for every P30 spend. For those who support sustainability efforts, they will be delighted to know that the Chinabank Velvet Visa Signature credit card is crafted from recycled plastic.
While it’s geared toward female clients, Reynoso makes it clear that men can also avail themselves of the bank’s latest credit card product. Annual fees can be waived because “we listen to the clients’ needs,” but “there are conditions.”
She explains, “The reason we’re charging annual fees is because of the operating expenses of the bank.”
Reynoso notes that Gen Xers and millennials make up the majority of credit card users, who, she observes, know how to manage their finances. She then gives some reminders on credit card use:
“You have to be aware of your limitations. You have to be in total control of your finances. I keep an Excel file of my expenses, so that I can keep track and retain my good credit score. The reason you have a credit card is, it helps you stretch your finances.”
